According to the PERILS Industry Exposure Database (IED) 2024, the impact of inflation on insured exposures "continues to be visible". For instance, the PERILS IED for wind Japan remained stable in terms of JPY with y-o-y growth in "low single digits". However, when compared to the USD, the sums insured represented a decline of 5.1% y-o-y due to the appreciating dollar.
Climate change and land-use change could become the main drivers of biodiversity decline by mid-century according to a new study.
Even rocks from space are not immune to climate change. Antarctica has yielded around 60% of some 80,000 meteorites that the scientists have collected to date, however, the melting ice of the continent is taking most of the meteorites there into deep waters of the ocean.
The Indian Ocean is expected to experience accelerated surface warming of 1.4 degrees Celsius to 3 degrees Celsius between 2020 and 2100, which will push it into a near-permanent heatwave state. It will also intensify cyclones, affect the monsoon and lead to a rise in sea levels according to a new study.
Ongoing economic development and rapid urbanisation will result in further accumulation of infrastructure and private assets that need to be insured, including against natural catastrophe risks, says Swiss Re Institute (SRI).
Insurers have paid compensation amounting to over CNY206m ($28.5m) as of the end of April 2024 for losses caused by heavy floods in Guangdong last month.
Payouts on claims arising from the 1 January magnitude-7.5 Noto earthquake remain ongoing with the total insured loss, as estimated by the General Insurance Association of Japan (GIAJ), tentatively expected to exceed JPY100bn ($660m), says Aon.
Changing the risk profile of communities exposed to extreme weather in Victoria requires action to make homes, businesses, and communities more resilient to extreme weather, by shifting what is build and where it is built, according to the Insurance Council of Australia (ICA).
The overseas branches of South Korean insurance companies saw their combined net income turn to red last year, according to the Financial Supervisory Service (FSS).
While preliminary estimated insured property losses arising from the floods in April in the UAE are likely to exceed US$650m, they could reach as high as $850m, with the most affected emirate being Dubai, says Guy Carpenter, a leading global risk and reinsurance specialist.